Form N-Q

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM N-Q

 

 

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS

OF REGISTERED MANAGEMENT INVESTMENT COMPANY

Investment Company Act file number 811-07398

 

 

Invesco Pennsylvania Value Municipal Income Trust

(Exact name of registrant as specified in charter)

 

 

1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Address of principal executive offices) (Zip code)

 

 

Colin Meadows 1555 Peachtree Street, N.E., Atlanta, Georgia 30309

(Name and address of agent for service)

 

 

Registrant’s telephone number, including area code: (713) 626-1919

Date of fiscal year end: 2/28

Date of reporting period: 05/31/13

 

 

 

Item 1. Schedule of Investments.

 

 

Invesco Pennsylvania Value Municipal

Income Trust

Quarterly Schedule of Portfolio Holdings

May 31, 2013

 

 

 

 

LOGO

 

invesco.com/us   VK-CE-PAVMI-QTR-1    05/13                Invesco Advisers, Inc.
 

Schedule of Investments

May 31, 2013

(Unaudited)

 

      Interest
Rate		         Maturity
Date		          Principal
Amount
(000)		     
Value		  

Municipal Obligations–154.20%*

                 

Pennsylvania–141.24%

                 

Allegheny (County of) Higher Education Building Authority (Duquesne University);

                 

Series 2008, University RB

    5.00%        03/01/21         $         1,165         $       1,300,385   

Series 2011 A, University RB

    5.50%        03/01/29           1,600           1,839,488   

Series 2013 A, University RB

    5.00%        03/01/33           600           675,090   

Allegheny (County of) Higher Education Building Authority (Robert Morris University); Series 2008 A, University RB

    6.00%        10/15/38           1,000           1,090,730   

Allegheny (County of) Hospital Development Authority (Ohio Valley General Hospital);

                 

Series 2005 A, RB

    5.00%        04/01/25           735           717,955   

Series 2005 A, RB

    5.13%        04/01/35           3,145           2,959,759   

Allegheny (County of) Hospital Development Authority (University of Pittsburgh Medical Center); Series 2009, RB

    5.63%        08/15/39           2,750           3,076,837   

Allegheny (County of) Industrial Development Authority (Propel Charter School-McKeesport); Series 2010 B, Charter School RB

    6.38%        08/15/35           1,215           1,318,372   

Allegheny (County of) Industrial Development Authority (Residential Resources, Inc.); Series 2006, Lease RB

    5.13%        09/01/31           925           929,181   

Allegheny (County of) Redevelopment Authority (Robinson Mall); Series 2000 A, Tax Increment Allocation RB

    7.00%        11/01/17           725           725,196   

Beaver (County of) Industrial Development Authority (FirstEnergy Generation); Series 2008 A, Ref. RB

    2.15%        03/01/17           2,300           2,289,282   

Beaver (County of) Industrial Development Authority; Series 2008 A, Ref. PCR (a)

    2.70%        04/02/18           770           781,535   

Beaver (County of); Series 2009, Unlimited Tax GO Notes (INS-AGM) (b)

    5.55%        11/15/31           4,935           5,611,095   

Berks (County of) Industrial Development Authority (One Douglassville); Series 2007 A, Ref. RB (c)

    6.13%        11/01/34           1,395           1,410,568   

Berks (County of) Municipal Authority (Albright College);

                 

Series 2004, RB

    5.50%        10/01/16           1,695           1,713,086   

Series 2004, RB

    5.50%        10/01/17           1,800           1,818,270   

Berks (County of) Municipal Authority (Reading Hospital Medical Center); Series 2012 A, RB

    5.00%        11/01/40           3,000           3,266,460   

Bethlehem Area School District; Series 2010, Unlimited Tax GO Bonds (INS-AGM) (b)

    5.25%        01/15/25           3,000           3,380,190   

Bradford (County of) Industrial Development Authority (International Paper); Series 2005 B, Ref. Solid Waste Disposal RB (c)

    5.20%        12/01/19           1,000           1,078,420   

Bucks (County of) Industrial Development Authority (Ann’s Choice, Inc. Facility); Series 2005 A, Retirement Community RB

    6.25%        01/01/35           2,300           2,333,373   

Bucks (County of) Industrial Development Authority (Lutheran Community Telford Center); Series 2007, RB

    5.75%        01/01/37           2,200           2,231,812   

Central Bradford Progress Authority (Guthrie Healthcare System); Series 2011, RB

    5.38%        12/01/41           3,600           4,001,688   

Centre (County of) Hospital Authority (Mt. Nittany Medical Center);

                 

Series 2009, RB (a)(d)

    6.13%        11/15/14           2,185           2,368,868   

Series 2011, RB

    6.25%        11/15/41           1,670           1,996,168   

Series 2012 B, RB

    5.00%        11/15/44           2,250           2,393,752   

Chester (County of) Industrial Development Authority (University Student Housing, LLC at West Chester University of Pennsylvania); Series 2013, Student Housing RB

    5.00%        08/01/45           850           889,899   

Clairton (City of) Municipal Authority; Series 2012 B, RB

    5.00%        12/01/37           2,000           2,086,840   

Coatesville School District; Series 2010, Limited Tax GO Bonds (INS-AGM) (b)

    5.00%        08/15/30           2,650           2,980,985   

Commonwealth Financing Authority; Series 2010 B, RB

    5.00%        06/01/23           1,775           2,063,526   

Cumberland (County of) Municipal Authority (Asbury Pennsylvania Obligated Group);

                 

Series 2010, RB

    6.00%        01/01/30           1,600           1,755,408   

Series 2010, RB

    6.00%        01/01/40           2,885           3,132,504   

Cumberland (County of) Municipal Authority (Association of Independent Colleges & Universities of Pennsylvania Financing Program-Dickinson College); Series 2009, RB

    5.00%        11/01/39           1,850           2,026,564   

Cumberland (County of) Municipal Authority (Diakon Lutheran Ministries);

                 

Series 2007, RB

    5.00%        01/01/27           2,000           2,089,860   

Series 2007, RB

    5.00%        01/01/36           3,000           3,086,010   

Cumberland (County of) Municipal Authority (Dickinson College); Series 2012, RB

    5.00%        11/01/42           1,000           1,084,740   

Cumberland (County of) Municipal Authority (Messiah Village); Series 2008 A, RB

    6.00%        07/01/35           2,000           2,176,520   

Daniel Boone Area School District; Series 2008, Limited Tax GO Notes

    5.00%        08/15/32           2,000           2,214,740   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

      Interest
Rate		         Maturity
Date		          Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

                 

Dauphin (County of) General Authority (Hapsco Western Hospital); Series 1992 B, Ref. RB (d)

    6.25%        07/01/16         $         2,810         $       3,058,685   

Dauphin (County of) General Authority (Pinnacle Health System); Series 2009 A, Health System RB

    5.75%        06/01/20           5,475           6,378,922   

Deer Lakes School District; Series 2009, Limited Tax GO Bonds (INS-AGC) (b)

    5.38%        04/01/34           1,000           1,104,490   

Delaware (County of) Authority (Cabrini College); Series 1999, College RB (INS-Radian) (b)

    5.75%        07/01/23           360           360,540   

Delaware (County of) Authority (Elwyn);

                 

Series 2010, RB

    5.00%        06/01/19           1,875           2,038,969   

Series 2010, RB

    5.00%        06/01/24           1,755           1,830,483   

Series 2010, RB

    5.00%        06/01/25           750           779,723   

Series 2010, RB (INS-NATL) (b)

    5.00%        06/01/23           975           1,022,463   

Delaware (County of) Authority (Neumann College); Series 2008, College RB

    6.25%        10/01/38           525           531,101   

Delaware (County of) Industrial Development Authority (Aqua Pennsylvania, Inc.);

                 

Series 2005 A, Water Facilities RB (INS-NATL) (b)(c)

    5.00%        11/01/37           2,750           2,874,657   

Series 2005 B, Water Facilities RB (INS-NATL) (b)(c)

    5.00%        11/01/36           4,000           4,183,160   

Series 2005 C, Water Facilities RB (INS-NATL) (b)(c)

    5.00%        02/01/35           3,000           3,122,580   

Delaware River Port Authority (Port District);

                 

Series 2012, Ref. RB

    5.00%        01/01/25           2,175           2,443,330   

Series 2012, Ref. RB

    5.00%        01/01/27           1,290           1,430,275   

Delaware River Port Authority; Series 2010 D, RB

    5.00%        01/01/40           2,000           2,181,740   

Delaware Valley Regional Financial Authority;

                 

Series 2002, RB

    5.75%        07/01/17           8,000           9,177,440   

Series 2002, RB

    5.75%        07/01/32           2,500           2,913,125   

Doylestown (City of) Hospital Authority; Series 2013 A, RB (INS-AGM) (b)

    5.00%        07/01/24           3,025           3,392,628   

East Hempfield (Township of) Industrial Development Authority (Student Services Inc. Student Housing);

                 

Series 2013, RB

    5.00%        07/01/35           750           796,980   

Series 2013, RB

    5.00%        07/01/45           2,020           2,121,141   

Erie (City of) Higher Education Building Authority (Mercyhurst College); Series 2008, College RB

    5.50%        03/15/38           1,000           1,059,310   

Exeter Township School District;

                 

Series 2003, Unlimited Tax GO Bonds (a)(d)

    5.00%        11/15/13           460           470,014   

Series 2003, Unlimited Tax GO Bonds (a)(d)

    5.00%        11/15/13           1,540           1,573,526   

Franklin (County of) Industrial Development Authority (Chambersburg Hospital); Series 2010, RB

    5.38%        07/01/42           2,980           3,229,515   

Fulton (County of) Industrial Development Authority (The Fulton County Medical Center); Series 2006, Hospital RB

    5.90%        07/01/40           2,000           2,041,360   

Geisinger Authority (Geisinger Health System Foundation); Series 2011 A1, Health System RB

    5.13%        06/01/41           1,500           1,656,135   

Lancaster (County of) Higher Education Authority (Franklin & Marshall College); Series 2008, RB

    5.00%        04/15/37           3,430           3,693,698   

Lancaster (County of) Hospital Authority (Brethren Village); Series 2008 A, RB

    6.50%        07/01/40           1,390           1,472,914   

Lancaster (County of) Hospital Authority (Lancaster General Hospital); Series 2012, Health System RB

    5.00%        07/01/42           3,000           3,283,320   

Lehigh & Northampton (Counties of) Airport Authority (Lehigh Valley Airport System);

                 

Series 2005 A, Ref. RB (INS-NATL) (b)(c)

    5.00%        01/01/20           1,240           1,267,888   

Series 2005 A, Ref. RB (INS-NATL) (b)(c)

    5.00%        01/01/22           1,360           1,382,399   

Series 2005 A, Ref. RB (INS-NATL) (b)(c)

    5.00%        01/01/23           675           684,666   

Lehigh (County of) (Lehigh Valley Health Network); Series 2012, General Purpose Hospital RB

    4.00%        07/01/43           2,500           2,433,725   

Lehigh (County of) General Purpose Authority (Bible Fellowship Church Homes, Inc.); Series 2013, RB

    5.25%        07/01/42           2,675           2,629,819   

Lehigh (County of) General Purpose Authority (Cedar Crest College); Series 2006, College RB
(INS-Radian) (b)

    5.00%        04/01/26           1,510           1,567,622   

Lehigh (County of) General Purpose Authority (Lehigh Valley Health); Series 2005 B, Hospital
RB (INS-AGM) (b)

    5.00%        07/01/35           1,000           1,057,280   

Lycoming (County of) Authority (Pennsylvania College of Technology); Series 2011, RB

    5.00%        07/01/30           4,250           4,643,720   

Lycoming (County of) Authority (Susquehanna Health System); Series 2009 A, Heath System RB

    5.75%        07/01/39           3,750           4,078,950   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

      Interest
Rate		         Maturity
Date		          Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

                 

Monroe (County of) Hospital Authority (Pocono Medical Center);

                 

Series 2003, RB (a)(d)

    6.00%        01/01/14         $         3,000         $     3,100,560   

Series 2007, RB

    5.25%        01/01/43           3,000           3,114,300   

Montgomery (County of) Higher Education & Health Authority (Abington Memorial Hospital Obligated Group); Series 2012, RB

    5.00%        06/01/31           3,600           3,965,616   

Montgomery (County of) Higher Education & Health Authority (Dickinson College); Series 2006 FF1, RB (INS-CIFG) (b)

    5.00%        05/01/31           550           594,050   

Montgomery (County of) Industrial Development Authority (ACTS Retirement-Life Communities, Inc.);

                 

Series 2006 A, RB

    4.50%        11/15/36           3,000           3,006,120   

Series 2012, Ref. RB

    5.00%        11/15/27           2,400           2,633,568   

Series 2012, Ref. RB

    5.00%        11/15/28           500           543,790   

Montgomery (County of) Industrial Development Authority (Philadelphia Presbytery Homes, Inc.); Series 2010, RB

    6.63%        12/01/30           3,905           4,545,732   

Montgomery (County of) Industrial Development Authority (Whitemarsh Community); Series 2008, Mortgage RB

    7.00%        02/01/36           1,500           1,592,610   

Montgomery (County of) Industrial Development Authority (Whitemarsh Continuing Care); Series 2005, Mortgage RB

    6.25%        02/01/35           750           760,380   

Northampton (County of) General Purpose Authority (Lehigh University);

                 

Series 2009, Higher Education RB

    5.00%        11/15/39           2,000           2,159,420   

Series 2009, Higher Education RB

    5.50%        11/15/33           4,000           4,500,960   

Northampton (County of) General Purpose Authority (St. Luke’s Hospital);

                 

Series 2008 A, Hospital RB

    5.50%        08/15/35           2,000           2,161,540   

Series 2010 C, Hospital RB (a)

    4.50%        08/15/16           2,000           2,170,060   

Northampton (County of) Industrial Development Authority (Morningstar Senior Living, Inc.);

                 

Series 2012, RB

    5.00%        07/01/32           740           771,235   

Series 2012, RB

    5.00%        07/01/36           1,000           1,026,400   

Northeastern York School District;

                 

Series 2007 B, Limited Tax GO Bonds (INS-NATL) (b)

    5.00%        04/01/30           1,000           1,092,740   

Series 2007 B, Limited Tax GO Bonds (INS-NATL) (b)

    5.00%        04/01/31           2,000           2,180,160   

Owen J. Roberts School District; Series 2006, Unlimited Tax GO Notes (INS-AGM) (b)(e)

    5.00%        05/15/35           16,695           17,767,320   

Pennsylvania (State of) Commonwealth Financing Authority; Series 2013 B, RB

    5.00%        06/01/42           1,800           1,958,346   

Pennsylvania (State of) Economic Development Financing Agency (Forum Place); Series 2012, Governmental Lease RB

    5.00%        03/01/34           1,750           1,916,582   

Pennsylvania (State of) Economic Development Financing Authority (Allegheny Energy Supply Co.); Series 2009, RB

    7.00%        07/15/39           4,220           5,008,212   

Pennsylvania (State of) Economic Development Financing Authority (Amtrak); Series 2012 A, Ref. Exempt Facilities RB (c)

    5.00%        11/01/41           3,830           4,049,344   

Pennsylvania (State of) Economic Development Financing Authority (Aqua Pennsylvania, Inc.); Series 2010 A, Ref. Water Facility RB (c)

    5.00%        12/01/34           2,000           2,161,440   

Pennsylvania (State of) Economic Development Financing Authority (Philadelphia Biosolids Facility);

                 

Series 2009, Sewage Sludge Disposal RB

    5.50%        01/01/18           1,000           1,122,910   

Series 2009, Sewage Sludge Disposal RB

    6.25%        01/01/32           2,000           2,259,960   

Pennsylvania (State of) Economic Development Financing Authority (Waste Management, Inc.); Series 2005 A, Solid Waste Disposal RB (c)

    5.10%        10/01/27           3,690           3,939,961   

Pennsylvania (State of) Higher Educational Facilities Authority (AICUP Financing Program-Del Valley College); Series 2012, RB

    5.00%        11/01/27           1,250           1,369,850   

Pennsylvania (State of) Higher Educational Facilities Authority (Clarion University Foundation Inc.);

                 

Series 2003 A, RB (INS-SGI) (b)

    5.00%        07/01/28           1,000           1,000,320   

Series 2003 A, RB (INS-SGI) (b)

    5.00%        07/01/33           1,475           1,475,295   

Series 2003 A, RB (INS-SGI) (b)

    5.25%        07/01/18           1,500           1,501,965   

Pennsylvania (State of) Higher Educational Facilities Authority (Edinboro University Foundation);

                 

Series 2008, RB

    5.88%        07/01/38           2,750           2,983,640   

Series 2010, RB

    6.00%        07/01/43           1,000           1,118,350   

Pennsylvania (State of) Higher Educational Facilities Authority (La Salle University); Series 2012, RB

    5.00%        05/01/42           2,300           2,459,344   

Pennsylvania (State of) Higher Educational Facilities Authority (Philadelphia University of Sciences); Series 2005 A, RB (INS-SGI) (b)

    5.00%        11/01/36           2,320           2,447,902   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

      Interest
Rate		         Maturity
Date		          Principal
Amount
(000)		     
Value		  

Pennsylvania–(continued)

                 

Pennsylvania (State of) Higher Educational Facilities Authority (Shippensburg University Student Services);

                 

Series 2012, RB

    5.00%        10/01/35         $ 400         $ 434,124   

Series 2012, RB

    5.00%        10/01/44           2,000           2,144,740   

Pennsylvania (State of) Higher Educational Facilities Authority (St. Joseph’s University); Series 2010 A, RB

    5.00%        11/01/40           5,000           5,399,550   

Pennsylvania (State of) Higher Educational Facilities Authority (State System Higher Education); Series 2010 AL, RB

    5.00%        06/15/21           1,450           1,720,831   

Pennsylvania (State of) Higher Educational Facilities Authority (Temple University); First Series 2012, RB

    5.00%        04/01/42           3,830           4,212,694   

Pennsylvania (State of) Higher Educational Facilities Authority (Thomas Jefferson University);

                 

Series 2010, RB

    5.00%        03/01/40           1,000           1,084,110   

Series 2012, RB

    5.00%        03/01/42           500           547,830   

Pennsylvania (State of) Higher Educational Facilities Authority (Trustees of the University of Pennsylvania); Series 2005 C, RB (e)

    5.00%        07/15/38           15,925           17,007,900   

Pennsylvania (State of) Higher Educational Facilities Authority (University of Pennsylvania Health System); Series 2012 A, RB

    5.00%        08/15/42           1,795           1,960,176   

Pennsylvania (State of) Higher Educational Facilities Authority (University Properties, Inc.); Series 2010, Student Housing RB

    5.00%        07/01/42           2,320           2,429,713   

Pennsylvania (State of) Intergovernmental Cooperation Authority (City of Philadelphia Funding Program); Series 2009, Ref. Special Tax RB (e)

    5.00%        06/15/21           12,135           14,174,651   

Pennsylvania (State of) Turnpike Commission;

                 

Series 2004 A, RB (INS-AMBAC) (b)

    5.25%        12/01/21           1,200           1,285,248   

Series 2008 A-1, RB (INS-AGC) (b)(e)

    5.00%        06/01/38                 12,995           14,144,278   

Series 2009 C, Sub. Conv. CAB RB (INS-AGM) (b)(f)

    6.25%        06/01/33           5,840           6,074,418   

Series 2009 E, Sub. Conv. CAB RB (f)

    6.38%        12/01/38           720           708,998   

Series 2010 A 1, Motor License Fund Special RB

    5.00%        12/01/38           1,000           1,085,620   

Series 2010 A-2, Motor License Fund Special Conv. CAB RB (f)

    5.50%        12/01/34           2,065           2,006,602   

Series 2010 B 2, Conv. CAB RB (f)

    5.00%        12/01/30           1,875           1,777,612   

Series 2010 B 2, Conv. CAB RB (f)

    5.13%        12/01/35           1,500           1,404,525   

Series 2011 B, Sub. Motor License Fund Special RB (e)

    5.00%        12/01/41           11,000           11,905,520   

Pennsylvania (State of);

                 

First Series 2006, Unlimited Tax GO Bonds

    5.00%        10/01/23           3,000           3,411,810   

First Series 2011, Unlimited Tax GO Bonds (e)

    5.00%        11/15/30           15,000               17,389,500   

Pennsylvania State University;

                 

Series 2005, RB

    5.00%        09/01/29           2,000           2,162,520   

Series 2005, RB

    5.00%        09/01/35           4,000           4,304,040   

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Children’s Hospital of Philadelphia); Series 2011, RB

    5.00%        07/01/41           1,930           2,115,859   

Philadelphia (City of) Hospitals & Higher Education Facilities Authority (Jefferson Health System); Series 2010 B, RB

    5.00%        05/15/40           4,995           5,366,178   

Philadelphia (City of) Industrial Development Authority (Architecture & Design Charter High School); Series 2013, RB

    6.13%        03/15/43           1,915           1,915,479   

Philadelphia (City of) Industrial Development Authority (Discovery Charter School);

                 

Series 2012, RB

    5.88%        04/01/32           450           487,832   

Series 2012, RB

    6.25%        04/01/37           500           551,660   

Philadelphia (City of) Industrial Development Authority (First Philadelphia Charter School); Series 2007 A, RB

    5.85%        08/15/37           2,500           2,573,750   

Philadelphia (City of) Industrial Development Authority (Global Leadership Academy Charter School); Series 2010, RB

    6.38%        11/15/40           1,000           1,092,800   

Philadelphia (City of) Industrial Development Authority (Independence Charter School); Series 2007 A, RB

    5.50%        09/15/37           2,815           2,856,578   

Philadelphia (City of) Industrial Development Authority (MaST Charter School); Series 2010, RB

    6.00%        08/01/35           1,660           1,843,696   

Philadelphia (City of) Industrial Development Authority (New Foundations Charter School); Series 2012, RB

    6.63%        12/15/41           1,250           1,371,013   

Philadelphia (City of) Industrial Development Authority (Please Touch Museum); Series 2006, RB

    5.25%        09/01/21           2,610           2,637,718   

Philadelphia (City of) Industrial Development Authority; Series 1990, Commercial Development RB (c)

    7.75%        12/01/17           2,000           2,002,920   

Philadelphia (City of) Parking Authority; Series 1999 A, RB (INS-AMBAC) (b)

    5.25%        02/15/29           1,645           1,650,165   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

      Interest
Rate		         Maturity
Date		          Principal
Amount
(000)		    
Value		  

Pennsylvania–(continued)

                

Philadelphia (City of);

                

Ninth Series 2010, Gas Works RB

    5.00%        08/01/30         $         1,500        $ 1,598,835   

Ninth Series 2010, Gas Works RB

    5.25%        08/01/40           3,610          3,809,128   

Series 2008 A, Ref. Unlimited Tax GO Bonds (INS-AGM) (b)

    5.25%        12/15/25           3,500          3,857,175   

Series 2009 A, Ref. Unlimited Tax GO Bonds (INS-AGC) (b)

    5.50%        08/01/24           1,500          1,696,620   

Series 2009 A, Water & Wastewater RB

    5.25%        01/01/36           1,500          1,635,615   

Series 2009 B, Limited Tax GO Bonds (INS-AGC) (b)

    7.13%        07/15/38           1,040          1,201,606   

Series 2010 A, Airport RB

    5.00%        06/15/40           2,500          2,637,100   

Series 2010 C, Water & Wastewater RB (INS-AGM) (b)

    5.00%        08/01/35           2,750          3,028,575   

Series 2011, Unlimited Tax GO Bonds

    6.00%        08/01/36           2,000          2,302,760   

Twelfth Series 1990 B, Gas Works RB (d)

    7.00%        05/15/20           2,515          3,101,573   

Philadelphia School District; Series 2008 E, Limited Tax GO Bonds (INS-BHAC) (b)

    5.13%        09/01/23           2,500          2,909,175   

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority (Regional Asset District); Series 2010, Ref. Sales Tax RB (INS-AGM) (b)

    5.00%        02/01/31           3,235          3,562,705   

Pittsburgh (City of) & Allegheny (County of) Sports & Exhibition Authority; Series 2010, Ref. Hotel Room Excise Tax RB (INS-AGM) (b)

    5.00%        02/01/35           2,000          2,126,640   

Pittsburgh (City of) Public Parking Authority; Series 2005 A, Ref. RB (INS-NATL) (b)

    5.00%        12/01/25           2,215          2,290,554   

Pittsburgh (City of) Water & Sewer Authority;

                

Series 2008 D1, First Lien RB (INS-AGM) (b)

    5.00%        09/01/24           2,000          2,201,540   

Series 2008 D1, First Lien RB (INS-AGM) (b)

    5.00%        09/01/25           3,000          3,285,990   

Radnor Township School District;

                

Series 2005 B, Unlimited Tax GO Bonds (a)(d)

    5.00%        08/15/15           200          220,124   

Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (b)

    5.00%        02/15/35           1,300          1,391,013   

Series 2005 B, Unlimited Tax GO Bonds (INS-AGM) (b)

    5.00%        02/15/28           1,500          1,621,125   

Southeastern Pennsylvania Transportation Authority; Series 2011, Capital Grant Receipts RB

    5.00%        06/01/29           2,480          2,782,659   

State Public School Building Authority (Harrisburg School District); Series 2009 A, RB
(INS-AGC) (b)

    5.00%        11/15/33           2,500          2,686,775   

State Public School Building Authority (Jefferson County Dubois Technology School);
Series 2004, RB (a)(d)

    5.38%        08/01/14           2,360          2,497,517   

State Public School Building Authority (Philadelphia School District); Series 2012, Lease RB

    5.00%        04/01/32           1,500          1,596,255   

Susquehanna Area Regional Airport Authority; Series 2012 A, Airport System RB (c)

    5.00%        01/01/27           2,350          2,531,584   

Twin Valley School District; Series 2006, Unlimited Tax GO Bonds (a)(d)

    5.25%        10/01/15           1,820          2,025,241   

Union (County of) Hospital Authority (Evangelical Community Hospital);

                

Series 2004, RB (INS-Radian) (b)

    5.25%        08/01/24           2,300          2,340,641   

Series 2011, Ref. & Improvement RB

    7.00%        08/01/41           3,000          3,636,690   

Unity (Township of) Municipal Authority; Series 2004, RB (INS-AGM) (b)

    5.00%        12/01/24           1,285          1,367,574   

University of Pittsburgh - of the Commonwealth System of Higher Education (University Capital);

                

Series 2000 B, Ref. RB (e)

    5.25%        09/15/34           10,000          11,412,600   

Series 2005 A, RB (e)(g)

    5.25%        09/15/30           10,000          11,778,600   

Washington (County of) Industrial Development Authority (Washington Jefferson College);

                

Series 2010, College RB

    5.00%        11/01/36           1,700          1,824,610   

Series 2010, College RB

    5.25%        11/01/30           1,500          1,659,495   

Washington (County of) Redevelopment Authority (Victory Centre Tanger Outlet Development); Series 2006 A, Tax Allocation RB

    5.45%        07/01/35           480          490,886   

West Mifflin Area School District;

                

Series 2009, Limited Tax GO Bonds (INS-AGM) (b)

    5.13%        04/01/31           1,500          1,678,860   

Series 2009, Limited Tax GO Bonds (INS-AGM) (b)

    5.50%        04/01/24           500          585,575   

Westmoreland (County of) Industrial Development Authority (Redstone Presbyterian Senior Care Obligated Group); Series 2005 A, Retirement Community RB

    5.75%        01/01/26           2,350            2,415,870   

Westmoreland (County of) Municipal Authority; Series 2013, RB

    5.00%        08/15/37           1,000          1,105,580   

Wilkes-Barre (City of) Finance Authority (University of Scranton); Series 2010, RB

    5.00%        11/01/40           2,650          2,870,692   
                                    508,331,646   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

      Interest
Rate		               Maturity
Date		                Principal
Amount
(000)		    
Value		  

Puerto Rico–7.94%

                      

Puerto Rico (Commonwealth of) Electric Power Authority;

                      

Series 2008 WW, RB

    5.25%             07/01/33              $         1,500          $      1,503,570   

Series 2008 WW, RB

    5.50%             07/01/21                1,000          1,051,220   

Series 2010 XX, RB

    5.75%             07/01/36                2,000          2,063,780   

Puerto Rico (Commonwealth of) Industrial Tourist Educational, Medical and Environmental Control Facilities Financing Authority (Ana G. Mendez University System); Series 2012, Ref. RB

    5.00%             04/01/27                1,600          1,614,688   

Puerto Rico (Commonwealth of) Infrastructure Financing Authority; Series 2005 C, Ref. Special Tax RB (INS-AMBAC) (b)

    5.50%             07/01/27                1,930          1,976,551   

Puerto Rico Sales Tax Financing Corp.;

                      

First Subseries 2010, Conv. CAB RB (f)

    6.25%             08/01/33                2,260          1,804,294   

First Subseries 2010 A, CAB RB (h)

    0.00%             08/01/34                5,000          1,495,300   

First Subseries 2010 A, CAB RB (h)

    0.00%             08/01/35                2,500          700,150   

First Subseries 2010 A, CAB RB (h)

    0.00%             08/01/36                7,800          2,044,068   

First Subseries 2010 A, RB

    5.38%             08/01/39                1,500          1,576,095   

First Subseries 2010 C, RB

    5.25%             08/01/41                2,000          2,086,540   

Series 2011 C, RB (e)

    5.00%             08/01/40                3,750          3,959,363   

Series 2011 C, RB (e)

    5.25%             08/01/40                6,250          6,706,063   
                                            28,581,682   

Guam–3.46%

                      

Guam (Territory of) (Section 30);

                      

Series 2009 A, Limited Obligation RB

    5.63%             12/01/29                1,250          1,367,125   

Series 2009 A, Limited Obligation RB

    5.75%             12/01/34                1,065          1,166,612   

Guam (Territory of) International Airport Authority; Series 2003 B, General RB (INS-NATL) (b)

    5.25%             10/01/21                1,585          1,607,269   

Guam (Territory of) Power Authority;

                      

Series 2010 A, RB

    5.50%             10/01/40                1,285          1,412,382   

Series 2012 A, Ref. RB

    5.00%             10/01/34                1,700          1,850,586   

Guam (Territory of) Waterworks Authority; Series 2010, Water & Wastewater System RB

    5.63%             07/01/40                3,000          3,183,960   

Guam (Territory of); Series 2011 A, Business Privilege Tax RB

    5.25%             01/01/36                1,700          1,874,471   
                                            12,462,405   

Virgin Islands–1.56%

                      

University of the Virgin Islands; Series 2004 A, Improvement RB (a)(d)

    5.38%             12/01/14                1,500          1,611,600   

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note - Diageo);
Series 2009 A, Sub. RB

    6.63%             10/01/29                2,425          2,816,856   

Virgin Islands (Government of) Public Finance Authority (Matching Fund Loan Note);
Series 2012 A, RB

    4.00%             10/01/22                1,145          1,189,930   
                                            5,618,386   

TOTAL INVESTMENTS(i)–154.20% (Cost $516,909,627)

                                           554,994,119   

FLOATING RATE NOTE OBLIGATIONS–(20.47)%

                      

Notes with interest rates ranging from 0.13% to 0.24% at 05/31/13 and contractual maturities of collateral ranging
from 06/15/21 to 12/01/41 (See Note 1D)(j)

                        (73,690,000)   

VARIABLE RATE MUNI TERM PREFERRED SHARES–(36.15)%

                                              (130,100,000)   

OTHER ASSETS LESS LIABILITIES–2.42%

                                           8,707,544   

NET ASSETS APPLICABLE TO COMMON SHARES–100.00%

                                         $ 359,911,663   

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

Investment Abbreviations:

 

AGC

 

      —Assured Guaranty Corp.  

INS

 

      —Insurer

AGM

 

      —Assured Guaranty Municipal Corp.  

NATL

 

      —National Public Finance Guarantee Corp.

AMBAC

 

      —American Municipal Bond Assurance Corp.  

PCR

 

      —Pollution Control Revenue Bonds

BHAC

 

      —Berkshire Hathaway Assurance Corp.  

Radian

 

      —Radian Asset Assurance, Inc.

CAB

 

      —Capital Appreciation Bonds  

RB

 

      —Revenue Bonds

CIFG

 

      —CIFG Assurance North America, Inc.  

Ref.

 

      —Refunding

Conv.

 

      —Convertible  

SGI

 

      —Syncora Guarantee, Inc.
GO      —General Obligation   Sub.      —Subordinated

Notes to Schedule of Investments:

 

*  Calculated as a percentage of net assets. Amounts in excess of 100% are due to the Trust’s use of leverage.

 

(a)  Security has an irrevocable call by the issuer or mandatory put by the holder. Maturity date reflects such call or put.

 

(b)  Principal and/or interest payments are secured by the bond insurance company listed.

 

(c)  Security subject to the alternative minimum tax.

 

(d)  Advance refunded; secured by an escrow fund of U.S. Government obligations or other highly rated collateral.

 

(e)  Underlying security related to Dealer Trusts entered into by the Trust. See Note 1D.

 

(f)  Convertible CAB. The interest rate shown represents the coupon rate at which the bond will accrue at a specified future date.

 

(g)  Security is subject to a shortfall agreement which may require the Trust to pay amounts to a counterparty in the event of a significant decline in the market value of the security underlying the Dealer Trusts. In case of a shortfall, the maximum potential amount of payments the Trust could ultimately be required to make under the agreement is $6,665,000. However, such shortfall payment would be reduced by the proceeds from the sale of the security underlying the Dealer Trusts.

 

(h)  Zero coupon bond issued at a discount.

 

(i)  This table provides a listing of those entities that have either issued, guaranteed, backed or otherwise enhanced the credit quality of more than 5% of the securities held in the portfolio. In instances where the entity has guaranteed, backed or otherwise enhanced the credit quality of a security, it is not primarily responsible for the issuer’s obligations but may be called upon to satisfy the issuer’s obligations.
Entities    Percentage   

Assured Guaranty Municipal Corp.

      11.7%    
(j)  Floating rate note obligations related to securities held. The interest rates shown reflect the rates in effect at May 31, 2013. At May 31, 2013, the Trust’s investments with a value of $126,245,795 are held by Dealer Trusts and serve as collateral for the $73,690,000 in the floating rate note obligations outstanding at that date.

 

See accompanying notes which are an integral part of this schedule.

Invesco Pennsylvania Value Municipal Income Trust

Notes to Quarterly Schedule of Portfolio Holdings

May 31, 2013

(Unaudited)

NOTE 1 -- Significant Accounting Policies

 

A. Security Valuations – Securities, including restricted securities, are valued according to the following policy.

Securities are fair valued using an evaluated quote provided by an independent pricing service approved by the Board of Trustees. Evaluated quotes provided by the pricing service may be determined without exclusive reliance on quoted prices, and may reflect appropriate factors such as institution-size trading in similar groups of securities, developments related to specific securities, dividend rate (for unlisted equities), yield (for debt obligations), quality, type of issue, coupon rate (for debt obligations), maturity (for debt obligations), individual trading characteristics and other market data. Debt obligations are subject to interest rate and credit risks. In addition, all debt obligations involve some risk of default with respect to interest and/or principal payments.

Securities for which market quotations either are not readily available or became unreliable are valued at fair value as determined in good faith by or under the supervision of the Trust’s officers following procedures approved by the Board of Trustees. Some of the factors which may be considered in determining fair value are fundamental analytical data relating to the investment; the nature and duration of any restrictions on transferability or disposition; trading in similar securities by the same issuer or comparable companies; relevant political, economic or issuer specific news; and other relevant factors under the circumstances.

Valuations change in response to many factors including the historical and prospective earnings of the issuer, the value of the issuer’s assets, general economic conditions, interest rates, investor perceptions and market liquidity. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

B. Securities Transactions and Investment Income – Securities transactions are accounted for on a trade date basis. Realized gains or losses on sales are computed on the basis of specific identification of the securities sold. Interest income is recorded on the accrual basis from settlement date. Dividend income (net of withholding tax, if any) is recorded on the ex-dividend date. Bond premiums and discounts are amortized and/or accreted for financial reporting purposes.

The Trust may periodically participate in litigation related to Trust investments. As such, the Trust may receive proceeds from litigation settlements. Any proceeds received are included in the Statement of Operations as realized gain (loss) for investments no longer held and as unrealized gain (loss) for investments still held.

Brokerage commissions and mark ups are considered transaction costs and are recorded as an increase to the cost basis of securities purchased and/or a reduction of proceeds on a sale of securities. Such transaction costs are included in the determination of net realized and unrealized gain (loss) from investment securities reported in the Statement of Operations and the Statement of Changes in Net Assets and the net realized and unrealized gains (losses) on securities per share in the Financial Highlights. Transaction costs are included in the calculation of the Trust’s net asset value and, accordingly, they reduce the Trust’s total returns. These transaction costs are not considered operating expenses and are not reflected in net investment income reported in the Statement of Operations and Statement of Changes in Net Assets, or the net investment income per share and ratios of expenses and net investment income reported in the Financial Highlights, nor are they limited by any expense limitation arrangements between the Trust and the investment adviser.

C. Country Determination – For the purposes of making investment selection decisions and presentation in the Schedule of Investments, the investment adviser may determine the country in which an issuer is located and/or credit risk exposure based on various factors. These factors include the laws of the country under which the issuer is organized, where the issuer maintains a principal office, the country in which the issuer derives 50% or more of its total revenues and the country that has the primary market for the issuer’s securities, as well as other criteria. Among the other criteria that may be evaluated for making this determination are the country in which the issuer maintains 50% or more of its assets, the type of security, financial guarantees and enhancements, the nature of the collateral and the sponsor organization. Country of issuer and/or credit risk exposure has been determined to be the United States of America, unless otherwise noted.

 

Invesco Pennsylvania Value Municipal Income Trust

D. Floating Rate Note Obligations – The Trust invests in inverse floating rate securities, such as Residual Interest Bonds (“RIBs”) or Tender Option Bonds (“TOBs”) for investment purposes and to enhance the yield of the Trust. Inverse floating rate investments tend to underperform the market for fixed rate bonds in a rising interest rate environment, but tend to outperform the market for fixed rate bonds when interest rates decline or remain relatively stable. Such transactions may be purchased in the secondary market without first owning the underlying bond or by the sale of fixed rate bonds by the Trust to special purpose trusts established by a broker dealer (“Dealer Trusts”) in exchange for cash and residual interests in the Dealer Trusts’ assets and cash flows, which are in the form of inverse floating rate securities. The Dealer Trusts finance the purchases of the fixed rate bonds by issuing floating rate notes to third parties and allowing the Trust to retain residual interests in the bonds. The floating rate notes issued by the Dealer Trusts have interest rates that reset weekly and the floating rate note holders have the option to tender their notes to the Dealer Trusts for redemption at par at each reset date. The residual interests held by the Trust (inverse floating rate investments) include the right of the Trust (1) to cause the holders of the floating rate notes to tender their notes at par at the next interest rate reset date, and (2) to transfer the municipal bond from the Dealer Trusts to the Trust, thereby collapsing the Dealer Trusts.

TOBs are presently classified as private placement securities. Private placement securities are subject to restrictions on resale because they have not been registered under the Securities Act of 1933, as amended, or are otherwise not readily marketable. As a result of the absence of a public trading market for these securities, they may be less liquid than publicly traded securities. Although these securities may be resold in privately negotiated transactions, the prices realized from these sales could be less than those originally paid by the Trust or less than what may be considered the fair value of such securities.

The Trust accounts for the transfer of bonds to the Dealer Trusts as secured borrowings, with the securities transferred remaining in the Trust’s investment assets, and the related floating rate notes reflected as Trust liabilities under the caption Floating rate note obligations on the Statement of Assets and Liabilities. The Trust records the interest income from the fixed rate bonds under the caption Interest and records the expenses related to floating rate obligations and any administrative expenses of the Dealer Trusts a component of Interest, facilities and maintenance fees on the Statement of Operations.

The Trust generally invests in inverse floating rate securities that include embedded leverage, thus exposing the Trust to greater risks and increased costs. The primary risks associated with inverse floating rate securities are varying degrees of liquidity and the changes in the value of such securities in response to changes in market rates of interest to a greater extent than the value of an equal principal amount of a fixed rate security having similar credit quality, redemption provisions and maturity which may cause the Trust’s net asset value to be more volatile than if it had not invested in inverse floating rate securities. In certain instances, the short-term floating rate interests created by the special purpose trust may not be able to be sold to third parties or, in the case of holders tendering (or putting) such interests for repayment of principal, may not be able to be remarketed to third parties. In such cases, the special purpose trust holding the long-term fixed rate bonds may be collapsed. In the case of RIBs or TOBs created by the contribution of long-term fixed income bonds by the Trust, the Trust will then be required to repay the principal amount of the tendered securities. During times of market volatility, illiquidity or uncertainty, the Trust could be required to sell other portfolio holdings at a disadvantageous time to raise cash to meet that obligation.

E. Other Risks – The value of, payment of interest on, repayment of principal for and the ability to sell a municipal security may be affected by constitutional amendments, legislative enactments, executive orders, administrative regulations, voter initiatives and the economics of the regions in which the issuers are located.

Since many municipal securities are issued to finance similar projects, especially those relating to education, health care, transportation and utilities, conditions in those sectors can affect the overall municipal securities market and a Trust’s investments in municipal securities.

There is some risk that a portion or all of the interest received from certain tax-free municipal securities could become taxable as a result of determinations by the Internal Revenue Service.

 

Invesco Pennsylvania Value Municipal Income Trust

NOTE 2 -- Additional Valuation Information

Generally Accepted Accounting Principles (“GAAP”) defines fair value as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date, under current market conditions. GAAP establishes a hierarchy that prioritizes the inputs to valuation methods, giving the highest priority to readily available unadjusted quoted prices in an active market for identical assets (Level 1) and the lowest priority to significant unobservable inputs (Level 3), generally when market prices are not readily available or are unreliable. Based on the valuation inputs, the securities or other investments are tiered into one of three levels. Changes in valuation methods may result in transfers in or out of an investment’s assigned level:

Level 1  

– Prices are determined using quoted prices in an active market for identical assets.

Level 2  

– Prices are determined using other significant observable inputs. Observable inputs are inputs that other market participants may use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, yield curves, loss severities, default rates, discount rates, volatilities and others.

Level 3  

– Prices are determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Trust’s own assumptions about the factors market participants would use in determining fair value of the securities or instruments and would be based on the best available information.

As of May 31, 2013, all of the securities in this Trust were valued based on Level 2 inputs (see the Schedule of Investments for security categories). The level assigned to the securities valuations may not be an indication of the risk or liquidity associated with investing in those securities. Because of the inherent uncertainties of valuation, the values reflected in the financial statements may materially differ from the value received upon actual sale of those investments.

NOTE 3 -- Investment Securities

The aggregate amount of investment securities (other than short-term securities, U.S. Treasury obligations and money market funds, if any) purchased and sold by the Trust during the three months ended May 31, 2013 was $18,609,169 and $11,038,138, respectively. Cost of investments on a tax basis includes the adjustments for financial reporting purposes as of the most recently completed federal income tax reporting period-end.

 

Unrealized Appreciation (Depreciation) of Investment Securities on a Tax Basis  

Aggregate unrealized appreciation of investment securities

    $ 40,544,325   

Aggregate unrealized (depreciation) of investment securities

                       (2,403,386)   

Net unrealized appreciation of investment securities

    $ 38,140,939   

Cost of investments for tax purposes is $516,853,180.

   

 

Invesco Pennsylvania Value Municipal Income Trust

Item 2. Controls and Procedures.

 

  (a) As of May 23, 2013, an evaluation was performed under the supervision and with the participation of the officers of the Registrant, including the Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”), to assess the effectiveness of the Registrant’s disclosure controls and procedures, as that term is defined in Rule 30a-3(c) under the Investment Company Act of 1940 (“Act”), as amended. Based on that evaluation, the Registrant’s officers, including the PEO and PFO, concluded that, as of May 23, 2013, the Registrant’s disclosure controls and procedures were reasonably designed so as to ensure: (1) that information required to be disclosed by the Registrant on Form N-Q is recorded, processed, summarized and reported within the time periods specified by the rules and forms of the Securities and Exchange Commission; and (2) that material information relating to the Registrant is made known to the PEO and PFO as appropriate to allow timely decisions regarding required disclosure.

 

  (b) There have been no changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the Registrant’s last fiscal quarter that have materially affected, or are reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits.

Certifications of PEO and PFO as required by Rule 30a-2(a) under the Investment Company Act of 1940.

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: Invesco Pennsylvania Value Municipal Income Trust

 

By:  

/s/ Colin Meadows

  Colin Meadows
  Principal Executive Officer
Date:   July 30, 2013

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

 

By:  

/s/ Colin Meadows

  Colin Meadows
  Principal Executive Officer
Date:   July 30, 2013

 

By:  

/s/ Sheri Morris

  Sheri Morris
  Principal Financial Officer
Date:   July 30, 2013

EXHIBIT INDEX

Certifications of Principal Executive Officer (“PEO”) and Principal Financial Officer (“PFO”) as required by Rule 30a-2(a) under the Investment Company Act of 1940, as amended.